In a bid to drive innovation forward and to stimulate the economy, Portugal has recently approved a nation-wide plan to encourage digitalization in several fields. Published on April 21, the “Digital Transitional Action Plan” puts forward multiple ways, in which the Portuguese government will provide infrastructure and incentives for innovation, entrepreneurship and competition, as well as internationalization for enterprises in the country. Although digitalization is a recurring topic when discussing economic strategies, the COVID-19 pandemic has put the subject in the spotlight as private and public entities alike try to mitigate the economic downfall brought about by the mandated lockdowns. …

The Portuguese government plans to create “Technological Free Zones” (Zonas Livres Tecnológicas) with tailored regulatory regimes that encourage innovation and experimentation. Unveiled on April 21 as part of the country’s ambitious digital transition action plan, the country’s Council of Ministers pledged that the new zones will be adapted so as to lessen the regulatory and legal burden on the developers of new and experimental technologies. Independent Portuguese law firm Vieira de Almeida has noted that the legal framework being adopted for the free zones goes beyond existing approaches to regulatory sandboxes, which are typically disparate and set up according to …

Could this be the year the world gets serious about cryptocurrency taxation? The coronavirus pandemic, after all, could cost the global economy as much as $4.1 trillion — or almost 5% of global gross domestic product — according to the Asian Development Bank. Governments will soon be looking to tap all possible income sources to balance their budgets, including crypto, say tax experts. “At some point, somebody is going to have to pick up the bill” for the COVID-19 pandemic and its associated economic stimulus packages, Peter Brewin, a PwC tax partner in Hong Kong, told Cointelegraph, adding: “We can …

Existing outside of the realm of traditional finance and with no central point of authority, digital assets have posed several challenges to governments worldwide. Many nations have struggled with how to define and regulate cryptocurrencies, and there is no uniformity because each country has developed its own unique approach. Data and transparency seem to be some of the best tools on the road to regulatory certainty and institutional demand. While some countries like the United States and the United Kingdom are taking advantage of this to build a better tax and regulatory framework, others don’t deal with crypto quite as …

Facebook’s crypto project Libra will be more similar to email tech than payment services such as PayPal, vice president of product at Calibra said. Speaking at the Web Summit in Lisbon on Nov. 5, Kevin Weil, vice president of product at Facebook's Calibra digital wallet unit, emphasized that interoperability — the basic principle of email — will the key concept of Libra. “A journey of years and decades” Noting that any global developer or entrepreneur can build wallets for Libra, Weil encouraged the global community to collaborate on the interoperable protocols. He said: “You and me don’t have to collaborate …

The Portugal Tax Authority (PTA) announced last month that cryptocurrency trading and payments in crypto would not be subject to value-added tax (VAT). According to the announcement, cryptocurrency payments that are subject to the provision of services under Article 9 (27) (d) of Portuguese tax law are exempt from VAT. This applies only to individuals, as Portugal-based businesses are still subject to several taxes such as VAT, social security and income taxes. This announcement follows another Portuguese tax benefit for cryptocurrency traders: Ruling 5717/2015, which declares that proceeds from the sale of cryptocurrencies for individuals will be tax free. According …

Portuguese police and Europol have seized funds worth €70,000 ($77,200) in what they describe as one of the most advanced counterfeiting operations ever seen. €1.3 million in fake notes sold since 2017 As Brazilian daily news outlet Sputnik and others reported on Sept. 10, law enforcement succeeded in bringing down the ring, which sold fake notes on the dark web in return for Bitcoin (BTC). In action since 2017, the operation created €1.3 million ($1.44 million) in fake money. The leader, from Portugal, was found and extradited from Colombia this week. According to police, the notes were some of the …

This week saw major expansion of crypto payments in Brazil, new standards freeing Bitcoin from Portuguese taxes, and the allegedly fraudulent Grupo Bitcoin Banco’s refusal to pay clients their deposited funds. Brazil's central bank adopts IMF guidelines Brazil’s central bank announced that it would classify cryptocurrencies according to International Monetary Fund (IMF) guidelines on Aug. 26. With the new classification under IMF standards, traded cryptocurrencies will be classified as non-financial products and as such, will be counted as goods on the central bank’s balance sheet. Cointelegraph Brasil reported that the classification of cryptocurrencies as a good is significant, as recognition …

Portugal’s Tax Authority has clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country, Cointelegraph en Español reported on Aug. 27. According to a report published on Aug. 26 by Portuguese business newspaper Jornal de Negócios, the Portuguese Tax and Customs Authority have confirmed that crypto transactions or payments are exempt from Value Added Tax (VAT). The agency reportedly provided the clarification to a local crypto mining company, publishing an official ruling document. In the document, the authority states that the exchange of crypto for fiat money is free of VAT, adding that crypto …

Major Portuguese sports club SL Benfica now accepts cryptocurrency for merchandise and tickets, Verdict reports on June 6. According to the report, SL Benfica partnered with cryptocurrency service Utrust to provide the new payments option. Fans and customers can now buy tickets any products on the club’s website with Utrust’s native token (UTK), or with top cryptocurrencies bitcoin (BTC) and ether (ETH). Utrust purportedly supports instant crypto-to-fiat conversions, allowing SL Benfica to essentially pocket its revenue directly in cash. The press release explains that this allows the club to avoid issues around the volatility of cryptocurrencies, while still making use …

Seven southern European Union member states have released a declaration calling for help in the promotion of Distributed Ledger Technology’s (DLT) use in the region, the Financial Times (FT) reports Dec. 4. The declaration was reportedly initiated by Malta and signed by six other member states, France, Italy, Cyprus, Portugal, Spain and Greece, during a meeting of EU transport ministers in Brussels on Tuesday. The participating governments explained that DLT –– one type of which is blockchain –– could be a “game changer” for southern EU economies. Namely, the document cites “education, transport, mobility, shipping, Land Registry, customs, company registry, …

Global retail giant Auchan is expanding TE-FOOD’s blockchain solution to improve the transparency of products’ history, U.S.-based news agency Cision PRWeb reports today, Dec. 4. The French retail group, which is reportedly the 13th largest food retailer globally with operations in 17 countries, has extended TE-FOOD’s FoodChain solution to five more countries. FoodChain is the international traceability information ledger by TE-FOOD, first applied by Auchan in its Vietnam branch. After a 18-month test of TE-FOOD’s blockchain tool in Vietnam, Auchan has now decided to deploy the products’ traceability solution in France, Italy, Spain, Portugal, and Senegal. The blockchain-powered retail monitoring …